Facebook plans to launch 'GlobalCoin' cryptocurrency next year

Daniel Fowler
May 26, 2019

Facebook, the world's leading social networking site that has now caught the cryptocurrency fever, and is making active plans towards the launch of a cryptocurrency of its own by the first quarter of 2020.

Founder Mark Zuckerberg met with Bank of England governor Mark Carney last month to discuss the opportunities and risks involved, the BBC said. The company is also including existing money transfer networks like Western Union in its talks to allow people without bank accounts to send money faster.

Since the beginning of 2019, several reports have emerged that Facebook is working on its crypto coin.

That tracks with the BBC report stating Facebook plans on pegging GlobalCoin to established currencies such as the dollar, yen and euro, as well as its interest in worldwide remittances and users without bank accounts. Facebook will reportedly be aiming to raise as much as $1 billion to fund the cryptocurrency project. It would mark the second time Facebook has ventured into digital currencies after announcing Facebook Credits in 2010.

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Facebook is in the final stages of planning the launch of its own cryptocurrency in 2020 which has been dubbed Globalcoin, according to reports.

The authorities were interested in finding out how Facebook intends to handle users' financial data, the privacy and consumer protections users would have under the new payment system and more.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is "potentially interested" in putting the Facebook login on the Blockchain technology.

Facebook has been circling the global crypto-currency and blockchain space for the past year. But the companies working with Facebook have failed to comment because of a non-disclosure agreement. However, even without the volatility associated with most cryptocurrencies, Facebook will still have a lot of work to do to get its users to trust GlobalCoin after suffering years of scandals that have tarnished its public image.

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